Victims duped via fake trading apps; Rs 25 lakh frozen by police

Cyberabad police have uncovered two major online trading scams involving fake financial platforms and fraudulent apps, resulting in losses of over Rs 4 crore. Victims were misled through social media and WhatsApp groups.

Hyderabad: Two large scale online trading frauds have come to light in Cyberabad, with victims collectively defrauded of Rs 4.15 crore, prompting the Cybercrime police to register both cases on the same day.

According to the Cybercrime officials, in these scams, fraudsters impersonated officials from reputed financial companies and lured victims via social media platforms like Facebook and Instagram.

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Victims were added to WhatsApp groups showcasing fake profits, persuaded to download fraudulent trading apps, and repeatedly transferred funds under promises of guaranteed returns from stock trading, IPO allocations, and block deals.

In the first case, the victim lost Rs 2.24 crore, while in the second incident, the victim transferred Rs 1.91 crore, of which only Rs 10.66 lakh was recovered.

The Cyberabad police managed to place Rs 25.10 lakh on hold with prompt response and in coordination with bank authorities. It will be returned to the victims through due legal procedures.

Police have requested citizens to immediately lodge complaints through the National Cybercrime Reporting Portal or Cybercrime Helpline 1930.